There is a renewed sense of hope as Mr Ramaphosa is taking over the reins of Africa’s most industrialised economy.

The markets appeared to welcome Mr Zuma’s resignation. The South African currency, the rand, reaching its strongest levels in three years – at 11.6570 rand for $1 in early trading.

Some will miss him though, pointing to achievements like announcing the abolition of fees for higher education, says the BBC’s Milton Nkosi in Johannesburg.

Mr Zuma, a former member of the ANC’s military wing in the days of apartheid, rose through the ranks of the party to become president. He led the country for more than a third of its time after apartheid.

But he leaves office with several scandals hanging over him, and with South Africa’s economy in dire straits.

Image copyrightREUTERSImage captionCyril Ramaphosa, left, was the deputy president to Jacob Zuma

On Wednesday, police swooped on the Johannesburg home of the powerful and wealthy Gupta family.

Eight suspects appeared in court on Thursday on fraud and money laundering charges, local media report. But they did not include any of the best-known Gupta brothers – Ajay, Atul and Rajesh.

Among the eight in court was Varun Gupta, who was Chief Operating Officer of the Gupta-owned mining firm Oakbay Resources and Energy. He is yet to make a plea in court.

The Guptas have been accused of using their close friendship with the president to wield enormous political influence. They deny all allegations of wrongdoing.

Cyril Ramaphosa at a glance:

Media captionWho is Cyril Ramaphosa?

Detained in 1974 and 1976 for anti-apartheid activities

Chairman of committee which prepared for Nelson Mandela’s release from prison in 1990

Had hoped to succeed Mandela as president but Thabo Mbeki chosen instead

Moved full-time into business in 1997, becoming one of South Africa’s richest businessmen